Quarles, 61, replaces Bank of England Governor Mark Carney and will serve a three-year term. Klaas Knot, president of De Nederlandsche Bank, has been appointed vice chair and will replace Quarles in 2021.

The Financial Stability Board is an international body which monitors and makes recommendations about the global financial system.

Quarles said, “Under [Mark Carney’s] leadership, the FSB has played a central coordinating role in building a resilient global financial system in the aftermath of the financial crisis. Ten years on, the FSB’s work remains just as relevant.

“With its broad membership, it is uniquely placed to promote resilience and preserve an open and integrated global financial system in the future. I look forward to working with Klaas and all FSB members towards this goal.”

Quarles became President Donald Trump’s first confirmed Fed nominee in October 2017. He serves as the Federal Reserve’s vice chairman for supervision.

He previous worked in the Treasury Department under President George W. Bush between 2002 and 2006, serving first as assistant secretary for international affairs and then as undersecretary for domestic finance.

The Salzburg Global Finance Forum tackles issues critical to the future of financial markets and global economic growth and stability. Created in 2011, its annual meeting facilitates candid in-depth analysis of strategic challenges and emerging risks by senior and rising leaders from financial services firms, supervisory and regulatory authorities, and professional service providers.